July 13, 2015 in Marketing
This is exactly what I keep hearing from real estate investors all over the country.
My direct mail results suck!
Direct mail has always been my #1 source of leads. No matter what the economy, it still brings in the leads. Do the number of those leads change with the economy? Yes they do and here’s why.
When it’s a seller’s market, you can expect the number of leads to go down. Those folks don’t need to sell to an investor (especially at a deep discount) nearly as much as when it’s a buyer’s market.
When it’s a buyer’s market and those same folks are having a tough time selling their properties they turn to investors. Direct mail is especially effective during those times.
Does that mean you should stop doing direct mail when it's a sellers market? No it doesn’t.
So What Can You Do?
You need to adapt to the changes in the market. When what you’re doing isn’t working you need to change things up. That is actually the beauty of being an entrepreneur. As entrepreneurs you can “change on a dime” as the saying goes.
Here Are Some Tips for You
1.Take a close look at your lists. Do you need to get new lists? If they are more than 6 months old the answer is probably yes. You also need to “scrub” your lists (especially probates) regularly so you’re not throwing money down the drain mailing to folks that have already sold their property.
2. What about adding other niches? If you are only mailing to one or two groups of sellers consider adding some other niches or groups of potential motivated sellers.
3. Change your mail piece. If you’re using postcards try using letters and vice versa. You need to find a way to stand out from the pack. If everyone is using yellow postcards do something different.
4. Determine if the frequency of your mailings needs to be adjusted. Are your mailings too far apart?
5. Take a look at your message. If no one is responding to your marketing efforts have someone else look at your marketing materials. Maybe you need to freshen up your marketing pieces
Never lose site of the fact that 85% of your deals will come at or beyond the 5th mailing.
Want to See More Direct Mail Statistics?
Here is a link to another article I wrote about direct mail. Just CLICK HERE to read more statistics…
Ramp-up your other lead channels.
As much as I love direct mail, it shouldn’t be the only lead channel that you use in your business. I recommend that you have 3-5 lead channels (or ways to get leads). Working for you at all times.
If you are a bandit sign person and that works for you do more of that.
Driving for Dollars
If you regularly drive for dollars and that works for you, pick a neighborhood or two and really concentrate on those areas. Make note of those properties and send them a postcard. You can also stick a business card or postcard in the door. Those homeowners will come by periodically and check out the property or pick up the mail if they are in the area. If they aren’t in the area, they may have someone checking the house for them. It’s always a good idea to leave something at the property.
Another thing to consider with vacant properties is that the neighbors often know how to get in touch with those folks.
Working a Farm Area
You can also use a service the US Post Office provides to blanket a neighborhood with mail pieces. This service is called Every Door Direct Mail. They will send out postcards or fliers to designated areas for you. This is a good strategy if you have chosen a particular farm area for your marketing efforts. If you want to learn more Every Door Direct Mail JUST CLICK HERE…
Take a Look at Your Website
How is your website doing? If your website is not generating leads for you, maybe you want to take a look at the Investor Carrot websites. I use those in my business and I love this company. With the Investor Carrot Pro-Plan you not only get 3 websites, but you get pre-written content to use on your website to help with search engine rankings.
If you’ve ever thought about blogging, you have the ability to create your own content on these sites. It’s a great way to add your voice to your website and try your hand at blogging. I do a combination. I use their content and I also add things myself. It’s really easy to add local activities and things like that folks in the area would like to hear about.
If you want to learn more about these websites, you can learn more about them by clicking here….
Finally, don’t forget about the free tools like Craig’s List, sending texts to potential sellers, working FISBO’S and those types of things. Sometimes the only cost is your time.
Be sure to leave your comments here on the blog. I look forward to hearing from you.
If you are not already subscribed to the blog, be sure to do that today so you don’t miss any of the business building tips I have coming your way. I want this year to be your best year ever! And if you enjoyed this article, please share it.